Urbanfund Corp. Reports Financial Results For the Year Ended March 31, 2014
31 May 2014 - 6:30AM
Marketwired Canada
Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX
VENTURE:UFC) (the "Company"), confirmed today that the Company has filed
financial results for the three month period ended March 31, 2014 (the
"Consolidated Financial Statements").
For the three month period ended March 31, 2014 the Company reported earnings
before income taxes of $209,776 on revenue of $1,158,263 compared to earnings
before income taxes of $171,255 on revenue of $704,020 for the corresponding
period in 2013. The majority of this increase is principally attributable to an
increase in rental income resulting from the Company's acquisition of a 10%
interest in 10 residential projects consisting of 1,870 residential suites
located in Quebec City and Montreal (the "Quebec Properties") subsequent to
March 1, 2013.
Rental expenses for the three month period ended March 31, 2014 increased to
$476,854 compared to $240,640 for the corresponding period in 2013. The increase
is primarily the result of the Quebec Properties coming on-line subsequent to
March 1, 2013.
The following selected financial data is derived from the unaudited Consolidated
Financial Statements:
----------------------------------------------------------------------------
Net Net Income Net Income
Income Per Share Per Share
Quarter ended Revenue (Loss) (Basic)(1) (Diluted)(1)
----------------------------------------------------------------------------
March 31, 2014 $ 1,158,263 $ 165,087 0.004 0.003
----------------------------------------------------------------------------
December 31, 2013 $ 1,330,217 $ 1,418,536 0.030 0.027
----------------------------------------------------------------------------
September 31, 2013 $ 686,670 $ 441,974 0.010 0.009
----------------------------------------------------------------------------
June 30, 2013 $ 1,684,854 $ 342,741 0.010 0.009
----------------------------------------------------------------------------
March 31, 2013 $ 704,020 $ 182,202 0.004 0.004
----------------------------------------------------------------------------
December 31, 2012 $ 779,940 $ 1,384,925 0.027 0.023
----------------------------------------------------------------------------
September 30, 2012 $ 864,745 $ (104,131) (0.002) (0.002)
----------------------------------------------------------------------------
June 30, 2012 $ 949,591 $ 1,124,373 0.030 0.026
----------------------------------------------------------------------------
Note:
(1) Basic Net Income per share is computed using the weighted average
number of common shares outstanding during the year. Diluted Net Income
per share is computed using the weighted average number of common and
potential common shares outstanding during the year. Potential common
shares consist of the incremental common shares issuable upon the
conversion of preferred shares and the exercise of stock options using
the treasury stock method.
Financing costs increased during the three month period ended March 31, 2014 to
$241,392 from $198,041 for the corresponding period ended in 2013. This increase
is a result of the Quebec Properties coming on-line subsequent to March 1, 2013.
Administrative costs during the period ended March 31, 2014 decreased to $72,329
from $75,015 for the corresponding period in 2013.
Funds from Operations ("FFO") is a non-IFRS measure and should not be construed
as an alternative to net income determined in accordance with IFRS. However, FFO
is an operating performance measure which is widely used by the real estate
industry and the Company has calculated FFO in accordance with the
recommendations of the Real Property Association of Canada ("REALpac").
FFO, or any other non-IFRS performance measure, is not intended to represent
operating profits for the period or from a property. Furthermore, it should not
be viewed as an alternative to net income, cash flow from operating activities
or similar measures of financial performance calculated in accordance with IFRS.
FFO is a widely accepted supplemental measure of financial performance for real
estate entities; however, it does not represent amounts available for capital
programs, debt service obligations, commitments or uncertainties. FFO should not
be interpreted as an indicator of cash generated from operating activities and
is not indicative of cash available to fund operating expenditures, or for the
payment of cash distributions. FFO is simply one measure of operating
performance.
FFO for the periods ended March 31, 2014 and 2013 are as follows:
----------------------------------------------------------------------------
Three month Three month
period ended period ended
March 31, March 31,
2014 2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings (Loss) Before Income Taxes $ 209,776 $ 171,255
----------------------------------------------------------------------------
Adjust for:
----------------------------------------------------------------------------
Interest Income $ (8,787) $ (10,841)
----------------------------------------------------------------------------
Dividend Income $ (1,308) $ (3,601)
----------------------------------------------------------------------------
Unrealized (Gain)/Loss on Marketable
Securities $ (32,164) $ 33,511
----------------------------------------------------------------------------
Realized Gain on Marketable Securities - -
----------------------------------------------------------------------------
Loss on Sale of Property - -
----------------------------------------------------------------------------
Fair Value Adjustment on Investment Property $ 200,171
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Funds From Operations (FFO) $ 367,688 $ 190,324
----------------------------------------------------------------------------
As of March 31, 2014, total assets were $45,273,885 compared to $36,040,313 in
March 31, 2013.
For comprehensive disclosure of the Company's performance for the period ended
March 31, 2014 and its financial position as at such date, reference should be
made to: (i) the Consolidated Financial Statements as at the period ended March
31, 2014 and the notes thereto; and (ii) management's discussion and analysis of
financial condition at, and results of operations for the period ended March 31,
2014, which have been filed with applicable securities regulators on SEDAR at
www.sedar.com.
ABOUT URBANFUND CORP.
Urbanfund Corp. (TSX VENTURE:UFC) is a Toronto-based real estate development and
operating company. Urbanfund's focus is to identify, evaluate and invest in real
estate or real estate related projects. The Company's assets are located in
Belleville, London and Toronto, Ontario, Quebec City and Montreal, Quebec. The
Company's strategy going forward remains committed to seek accretive real estate
or real estate-related opportunities.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements, which reflect
Management's expectations regarding the Company's growth, results of operations,
performance and business prospects and opportunities. Statements about the
Company's future plans and intentions, results, levels of activity, cash flow
from operations, performance, goals or achievements or other future events
constitute forward-looking statements. Wherever possible, words such as "may",
"will", "should", "could", "expect", "plan", "intend", "anticipate", "believe",
"estimate", "predict" or "potential" or the negative or other variations of
these words, or similar words or phrases, have been used to identify these
forward-looking statements. These statements reflect Management's current
beliefs and are based on information currently available to management as at the
date hereof.
Forward-looking statements involve significant risk, uncertainties and
assumptions. Many factors could cause actual results, performance or
achievements to differ materially from the results discussed or implied in the
forward-looking statements. These factors should be considered carefully and
readers should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions, the Company
cannot assure readers that actual results will be consistent with these
forward-looking statements. These forward-looking statements are made as of the
date of this press release, and the Company assumes no obligation to update or
revise them to reflect new events or circumstances, except as required by law.
Many factors could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, including: general economic and market segment conditions, interest
rates, costs outside of the Company's control such as real estate taxes and
utilities, the ability of tenants to satisfy their contractual rent obligations
and any unforeseen repair, maintenance or replacement of the Company's assets.
More detailed assessment of the risks that could cause actual results to
materially differ than current expectations is contained in the "Risks and
Uncertainties" section of the Company's most recent Management's Discussion and
Analysis dated May 30, 2014.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the Policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or the accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Urbanfund Corp.
Mitchell Cohen
President & CEO
(416) 703-1877 x1025
Urbanfund (TSXV:UFC)
Historical Stock Chart
From May 2024 to Jun 2024
Urbanfund (TSXV:UFC)
Historical Stock Chart
From Jun 2023 to Jun 2024
